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You are trying to catch fish by using a spear.You observe a large fish a couple of meters in front of you and a meter below the water surface.In order to hit the fish with your spear you must aim (assume that the fish is stationary and does not swim away in fright)
GAAP
Generally Accepted Accounting Principles, a collection of standardized guidelines and practices for financial accounting in the United States to ensure consistency and transparency.
Comparative Financial Statements
These are financial statements that present data for multiple periods side by side to facilitate comparison and analysis of financial performance over time.
Retroactively Adjusted
Adjustments made to financial statements or other data for previous periods in light of new information or to correct errors.
Consolidation Adjustments
Adjustments made to eliminate transactions between entities within a consolidated group, ensuring that the consolidated financial statements present a group as a single economic entity.
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